Windfall Gains Tax: Multibagger PSU stock Oil India shares surged to a 52-week high, while Oil and Natural Gas Commission (ONGC) shares jumped by over 2.40 per cent on BSE on Tuesday after the central government increased windfall gains tax on crude oil from Rs 3,250 to Rs 6,000 per tonne.
Here’s how oil and marketing (OMC) firm Oil India and ONGC shares are trading after a hike in windfall gains tax.
After closing the trading session at Rs 476.00 a day ago, the stock of Oil India soared by 7.34 per cent to hit a 52-week high of Rs 510.95 on Tuesday.
The Oil India stock that started the session at Rs 481.60 on Tuesday closed trading higher by 1.93, or Rs 9.20, at Rs 485.20.
The stock of Oil India has surged over 101 per cent in a year.Varanasi Stock
Earlier, the PSU had announced the issuance of a 1:2 bonus share for its investors.
The PSU OMC has fixed July 2 as the ex-date or record date for bonus issue.
After closing the trading session at Rs 273.00 a day ago, the stock of the OMC PSU rose by 2.45 per cent to Tuesday’s high of Rs 279.70.Simla Investment
The stock of the PSU closed trading on Tuesday higher by 0.62 per cent, or Rs 1.70, at Rs 274.70.
The ONGC stock has soared nearly 70 per cent on BSE in a year.
The government has hiked windfall tax on domestically produced crude oil to Rs 6,000 per tonne, from Rs 3,250 per tonne, with effect from Tuesday.
The tax is levied in the form of Special Additional Excise Duty (SAED).
Kanpur Wealth Management